Viratec, a Nigerian mobile technology services provider, announced today that their mobile point of sale (mPOS) platform has been certified by the Nigeria Inter-Bank Settlement System (NIBSS) for the Nigerian market. Viratec are partnering with BBPOS, a global leader in mPOS technology, to enable millions of Nigerians to pay for goods and services by card payment in a simple, flexible and secure manner, using mobile devices such as smartphones and tablets connected to a mobile card reader via Bluetooth. The certification covers the iSellup mPOS application and the WisePad card reader terminal, specifically designed for the Nigerian environment.
“The certification of the WisePad and iSellup solution in Nigeria means that hardworking Nigerian entrepreneurs can accept card payments with Viratec’s certified solution. With BBPOS’s global expertise in mobile payments and Viratec’s local knowledge of business practices, banks in Nigeria will be able to support merchants in processing card payments, providing value added services and accessing banking services at the touch of a button”, said Abiodun Joanne Scott, MD of Viratec. “Nigerian banks and merchants expect high quality solutions, so Viratec are ambitiously helping to accelerate the expansion of card holders and card transactions in Nigeria. We are incredibly proud to be partnering with BBPOS.”
The independent certification of the mPOS solution by NIBSS is a gold standard recognition that the solution meets the highest Payment Card Industry and security standard. This will help meet Nigerian market demands in delivering optimal service provision and revenues for Nigerian stakeholders. “Card payments are currently not very prevalent in many countries worldwide, including Nigeria, due to the high cost, inflexibility and unreliable connectivity of fixed POS terminals. This initiative aims to increase access to financial services for entrepreneurs and consumers currently without bank accounts due to the ‘access anywhere’ nature of the solution, enabling services in rural areas”, added Abiodun Joanne Scott.
As the cashless policy, instigated by the Central Bank of Nigeria, grows through traditional POS terminal use becoming common in large commercial outlets, it is equally important that micro ad small-sized businesses in the informal sector can also provide a similar platform for fast and efficient payment for goods and services to reach all segments of the market, from market stalls to shopping malls. “Merchants can increase their revenues by up to three times compared to cash only merchants through being able to accept card payments, banks are able to generate more revenues with extra services; and governments appreciate the increased transparency and accountability in cash flow in the economy”, said Mrs Scott.
Viratec is a business providing applications, software development and mobile payment solutions, based in Nigeria. Our flagship product is the mobile Point-of-Sale solution, which comprises our iSellup mobile application, a PIN entry device-WisePad and a management portal. WisePad connects via Bluetooth to smartphones or tablets and communicates with the iSellup mPOS app to accept card payment via chip and pin or magnetic stripe in a card present environment. It meets the best in Payment Industry standard PCI PTS with SRED for security that ensures that card data is communicated only in an encrypted form between the card, app and payment gateway by the acquirer, to ensure protection against fraud.
We are certified by the Nigerian Inter Bank Settlement System (NIBSS). Our business activity is built around providing alternative electronic payment platforms for businesses in the wholesale and retail sectors, financial institutions and governmental organisations, using mPOS as a vehicle, and which can be bought at a fraction of the cost of using a traditional POS.
BBPOS is a leading engineering and R&D focused designer and OEM of cost friendly MPOS devices. BBPOS is an inventor and the first producer of audio jack based MPOS terminals. They currently have 2 issued patents, 10 patents pending and 2 licensed patents.